Gold - Jan 14, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices traded near $1841 per ounce on Thursday. Gold February future contract at MCX were trading over half a percent down to Rs. 48885 per 10 grams with decline in COMEX gold prices.

Gold prices traded down on stronger dollar over bond yield fluctuations. Bullion prices are expected to trade sideways to down for the day on varied bond yields. However, stimulus hopes and pandemic worries may limit downside for the day.

We expect gold prices to trade sideways to down with COMEX gold resistance at $1860, support at $1820. MCX Gold February support lies at Rs. 48600 with resistance at Rs.49200.

Source : Equity Bulls

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